Scarring recessions and credit constraints : evidence from Colombian firm dynamics

Using a rich dataset of Colombian manufacturing establishments, we illustrate scarring effects of recessions operating through inefficient exit induced by heterogeneous credit constraints. We show that financially constrained businesses may be forced to exit the market during recessions even if they...

Full description

Autores:
Eslava Mejía, Marcela
Galindo Andrade, Arturo José
Hofstetter Gascón, Marc
Izquierdo, Alejandro
Tipo de recurso:
Work document
Fecha de publicación:
2010
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/8205
Acceso en línea:
http://hdl.handle.net/1992/8205
Palabra clave:
Plant exit
Credit constraints
Business cycles
Recessions
Ciclos económicos
Recesiones
G14, E 32, L25, O4
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
id UNIANDES2_9655a0cd726ed4a10611ed07ed6fd0aa
oai_identifier_str oai:repositorio.uniandes.edu.co:1992/8205
network_acronym_str UNIANDES2
network_name_str Séneca: repositorio Uniandes
repository_id_str
spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Eslava Mejía, Marcela8149500Galindo Andrade, Arturo Joséacf6b8e5-14ee-4a60-a3b5-17515fa81421500Hofstetter Gascón, Marc3d0bcedf-a38a-4b26-b135-89ff51b72cf2400Izquierdo, Alejandro829aee96-88ab-47ee-827d-66dbdff7a0385002018-09-27T16:51:15Z2018-09-27T16:51:15Z20101657-5334http://hdl.handle.net/1992/82051657-719110.57784/1992/8205instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Using a rich dataset of Colombian manufacturing establishments, we illustrate scarring effects of recessions operating through inefficient exit induced by heterogeneous credit constraints. We show that financially constrained businesses may be forced to exit the market during recessions even if they are more productive than surviving unconstrained counterparts: an unconstrained plant with TFP at the lowest 10th percentile faces the same estimated exit probability as a constrained plant with TFP at the 79th percentile. If credit constraints affect 1/3 of businesses, we estimate aggregate TFP losses of 1.2 log points after a four year long recession.Este paper ilustra cicatrices de largo plazo de las recesiones, derivadas de la pérdida ineficiente de firmas relativamente productivas como efecto de imperfecciones en el mercado crediticio. En particular, en un ambiente con heterogeneidad en el acceso a crédito mostramos que las firmas con menor acceso a crédito pueden verse forzadas a abandonar el mercado aún si son más productivas que otras firmas con mejor acceso a crédito que sí logran sobrevivir, y que este fenómeno es significativo en recesiones. Una cuantificación de los efectos de este mecanismo sobre la productividad agregada muestra pérdidas potencialmente cuantiosas. Suponiendo que 1/3 de establecimientos en la Encuestas Anual Manufacturera de Colombia enfrenta restricciones crediticias, encontramos que un establecimiento restringido en el percentil 10 de productividad tiene la misma probabilidad de salida que uno sin restricciones crediticias en el percentil 79 de productividad. Luego de cuatro años de recesión como la vivida al final del siglo XX en Colombia, el mecanismo implicaría pérdidas de productividad de 1.2 puntos logarítmicos.41 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 27 Septiembre de 2010https://ideas.repec.org/p/col/000089/007711.htmlScarring recessions and credit constraints : evidence from Colombian firm dynamicsRecesiones que dejan huella : el papel de las restricciones crediticiasDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPPlant exitCredit constraintsBusiness cyclesRecessionsCiclos económicosRecesionesG14, E 32, L25, O4Facultad de EconomíaPublicationTEXTdcede2010-27.pdf.txtdcede2010-27.pdf.txtExtracted texttext/plain82069https://repositorio.uniandes.edu.co/bitstreams/16184f5a-57b5-41b2-a4f7-4517d476d1b3/downloadff37cdce45529f52f75830ef7302038cMD54ORIGINALdcede2010-27.pdfdcede2010-27.pdfapplication/pdf728428https://repositorio.uniandes.edu.co/bitstreams/ba152009-6a76-44c1-9707-4e99e1f674ae/download5622136f6f4f4abb483e6c403a5adab1MD51THUMBNAILdcede2010-27.pdf.jpgdcede2010-27.pdf.jpgIM Thumbnailimage/jpeg3361https://repositorio.uniandes.edu.co/bitstreams/0e3569c8-6222-4229-8ca2-7e169698c4a0/downloadb478aafaf7b0f08730229df8aa09cf8cMD551992/8205oai:repositorio.uniandes.edu.co:1992/82052024-06-04 15:14:19.93http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Scarring recessions and credit constraints : evidence from Colombian firm dynamics
dc.title.alternative.none.fl_str_mv Recesiones que dejan huella : el papel de las restricciones crediticias
title Scarring recessions and credit constraints : evidence from Colombian firm dynamics
spellingShingle Scarring recessions and credit constraints : evidence from Colombian firm dynamics
Plant exit
Credit constraints
Business cycles
Recessions
Ciclos económicos
Recesiones
G14, E 32, L25, O4
title_short Scarring recessions and credit constraints : evidence from Colombian firm dynamics
title_full Scarring recessions and credit constraints : evidence from Colombian firm dynamics
title_fullStr Scarring recessions and credit constraints : evidence from Colombian firm dynamics
title_full_unstemmed Scarring recessions and credit constraints : evidence from Colombian firm dynamics
title_sort Scarring recessions and credit constraints : evidence from Colombian firm dynamics
dc.creator.fl_str_mv Eslava Mejía, Marcela
Galindo Andrade, Arturo José
Hofstetter Gascón, Marc
Izquierdo, Alejandro
dc.contributor.author.none.fl_str_mv Eslava Mejía, Marcela
Galindo Andrade, Arturo José
Hofstetter Gascón, Marc
Izquierdo, Alejandro
dc.subject.keyword.none.fl_str_mv Plant exit
Credit constraints
Business cycles
Recessions
topic Plant exit
Credit constraints
Business cycles
Recessions
Ciclos económicos
Recesiones
G14, E 32, L25, O4
dc.subject.armarc.none.fl_str_mv Ciclos económicos
Recesiones
dc.subject.jel.none.fl_str_mv G14, E 32, L25, O4
description Using a rich dataset of Colombian manufacturing establishments, we illustrate scarring effects of recessions operating through inefficient exit induced by heterogeneous credit constraints. We show that financially constrained businesses may be forced to exit the market during recessions even if they are more productive than surviving unconstrained counterparts: an unconstrained plant with TFP at the lowest 10th percentile faces the same estimated exit probability as a constrained plant with TFP at the 79th percentile. If credit constraints affect 1/3 of businesses, we estimate aggregate TFP losses of 1.2 log points after a four year long recession.
publishDate 2010
dc.date.issued.none.fl_str_mv 2010
dc.date.accessioned.none.fl_str_mv 2018-09-27T16:51:15Z
dc.date.available.none.fl_str_mv 2018-09-27T16:51:15Z
dc.type.spa.fl_str_mv Documento de trabajo
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/workingPaper
dc.type.coar.spa.fl_str_mv http://purl.org/coar/resource_type/c_8042
dc.type.content.spa.fl_str_mv Text
dc.type.redcol.spa.fl_str_mv https://purl.org/redcol/resource_type/WP
format http://purl.org/coar/resource_type/c_8042
dc.identifier.issn.none.fl_str_mv 1657-5334
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/1992/8205
dc.identifier.eissn.none.fl_str_mv 1657-7191
dc.identifier.doi.none.fl_str_mv 10.57784/1992/8205
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
dc.identifier.reponame.spa.fl_str_mv reponame:Repositorio Institucional Séneca
dc.identifier.repourl.spa.fl_str_mv repourl:https://repositorio.uniandes.edu.co/
identifier_str_mv 1657-5334
1657-7191
10.57784/1992/8205
instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
repourl:https://repositorio.uniandes.edu.co/
url http://hdl.handle.net/1992/8205
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 27 Septiembre de 2010
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/007711.html
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.accessrights.spa.fl_str_mv info:eu-repo/semantics/openAccess
dc.rights.coar.spa.fl_str_mv http://purl.org/coar/access_right/c_abf2
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 41 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
bitstream.url.fl_str_mv https://repositorio.uniandes.edu.co/bitstreams/16184f5a-57b5-41b2-a4f7-4517d476d1b3/download
https://repositorio.uniandes.edu.co/bitstreams/ba152009-6a76-44c1-9707-4e99e1f674ae/download
https://repositorio.uniandes.edu.co/bitstreams/0e3569c8-6222-4229-8ca2-7e169698c4a0/download
bitstream.checksum.fl_str_mv ff37cdce45529f52f75830ef7302038c
5622136f6f4f4abb483e6c403a5adab1
b478aafaf7b0f08730229df8aa09cf8c
bitstream.checksumAlgorithm.fl_str_mv MD5
MD5
MD5
repository.name.fl_str_mv Repositorio institucional Séneca
repository.mail.fl_str_mv adminrepositorio@uniandes.edu.co
_version_ 1812133812071563264

Publicaciones similares